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It may be that real accounting industry reforms will come this time. More likely than not they will not. But you can count on one thing. I will keep talking and writing about the need for those reforms.
I’ve added the link for the Book TV taping at the bottom of the post.
I’ve written extensively on the subject of disclosure of litigation contingencies, most recently for Forbes. My feelings about any clashes between auditors and accountants over disclosures for contingencies were outlined, with no subtlety, when the idea of tightening the requirements was first proposed in 2008.
This week the Goldman Sachs Facebook deal fell apart. Sort of. Due to the extensive media coverage of the details, in particular before they were final, Goldman Sachs was running some really big regulatory risks related to general solicitation of potential shareholders. Here’s an excerpt from what I wrote about the deal on January 4th. Read the rest in my column on Forbes, Accounting Watchdog.
This article was originally posted on Going Concern.com on April 29, 2010.
I watched all 11 hours yesterday of the Goldman Sachs testimony to the Senate Permanent Committee on Investigations. I never expected anyone to mention the auditors and I was not disappointed. You may think, given my criticism of the auditors, that I would be [...]
CJR recently complimented my writing in Forbes on the New York Attorney General’s case against Ernst & Young over Lehman.
Which bank should feel threatened by Assange and Wikileaks? I’m betting on Citigroup. And…Did you know the Federal Reserve Bank makes up its own accounting principles? Call it “Government GAAP”, but don’t call it fair value.
While I was in New York last week for the FEI Current Financial Reporting Issues conference, I taped a spot for The Street.com on the November 18th GM IPO. I was against the GM bailout. I’m embarrassed by how the administration has manipulated this “resurrection” of GM.
“Happy Wednesday, everybody! Great news — we’ve got another in our ongoing Interview the Interviewers series, wherein we talk with industry hotshots about control in their work and personal lives. This week we got to talk with our longtime friend (and prolific blogger/tweeter) Francine McKenna, of Re: The Auditors. Hope you enjoy it as much as [...]
Jeff Horwitz from American Banker asked me if I thought more and more frequent disclosure would solve the problem, as it has been defined. I was not sanguine.
 Francine McKenna (@retheauditors) has more than twenty-five years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. Look for my column, "Accounting Watchdog" at Forbes.com and "Accountable" at American Banker. For more information, click "About" at the bottom of this page. Your firm can sponsor this specialized news site. For more information contact Francine McKenna, fmckenna@mckennapartners.com |
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